Edison Investment Research - Biondvax Pharmaceuticals Ltd - WRT - New funds to support M-001’s Phase III initiation

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Edison Investment Research

Dr Jonas Peciulis

- New funds to support M-001’s Phase III initiation

The €20m loan agreement with the European Investment Bank (EIB) is a game changing event for BiondVax, we believe. The agreement was signed on 19 June 2017 and over the next three years the company will be able to drawdown all the money presuming the development milestones related to the lead universal flu vaccine candidate M-001 are met. BiondVax now aims to initiate Phase III activities and also invest in a new manufacturing facility securing the supply of M-001 for the remaining development and commercial launch. We have revised our model to reflect the changes and value BiondVax at $111m (NIS398m), up from $77m (NIS278m).

17/07/2017 5 EN

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Biondvax Pharmaceuticals Ltd - WRT

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US09073Q1132 NASDAQ Stock Market Israel

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Dr Jonas Peciulis

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- New funds to support M-001’s Phase III initiation

- Positive Phase IIb, preparing for pivotal Phase III

- Phase IIb with universal flu vaccine readout close

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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